< Previous18 CEO MIDDLE EAST 16-30 NOVEMBER 2023 he only time during the inter- view when Alexander Heller is genuinely lost for words is at the very end, when I ask him where he plans to go on his next holiday. After a long pause, he explains: “I think that when you build the best version of your business, you build something that you want to run for the rest of your life. When you do that, you throw yourself in the trenches with a group of people that are just as com- mitted as you. I don’t want to trade it for anything else in the world.” And why would he be? The co- founder and CEO of HyperSpace is on the kind of roll and rush experienced by hundreds of thousands of his customers each day. HyperSpace, founded in January 2021, is on a mission to bridge the gap between the allure of AAA video games, social media, and digital entertainment, and the timeless appeal of in-person social experiences. The inaugural en- tertainment attraction, AYA, located at Dubai’s Wafi Mall, spans 40,000 square feet and comprises 12 immer- sive experience zones. In its first nine months of opera- tion, AYA sold 480,000 tickets. HyperSpace is now opening two larger parks: House of Hype at Riyadh Boulevard and House of Hype Dubai Mall. ALEXANDER HELLER’S HYPERSPACE IS REDEFINING LOCATION-BASED ENTERTAINMENT, WITH THE COMPANY’S LATEST PROJECTS TAKING DUBAI AND RIYADH BY STORM BY ANIL BHOYRUL T THE HYPE MAN COVER STORY “THIS IS THE JOY ECONOMY, LARGE GROUPS OF PEOPLE CHASING MORE THRILL, FUN AND ADVENTURE”ALEXANDER HELLER | COVER STORY20 CEO MIDDLE EAST 16-30 NOVEMBER 2023 Their parks sit at the convergence of social media arena and real-world video game, engaging their audience meaningfully through an IRL physical experience and through digital engage- ment and gameplay. HyperSpace’s multibrand offering spans portals to digital immersive worlds to parks powered by tokens and digital assets, run on game economies that mirror AAA video games. They are purpose built for mass market entertainment seekers, content creators and gamers/ Web3 audiences. But it isn’t just customers lapping up the action, with investors queuing up for a slice of the cake of location- based entertainment like no other. Heller has secured a $55m Series A financing round, headlined by Season, SEGA Ventures, and Apis Venture Partners. And if opening up in Riyadh wasn’t enough, Heller is planning to make the Saudi capital his global headquarters. “Never in the history of the world has there been so much ambition to build the future of the entertainment sector as [what] is happening in Saudi Arabia today. When we started in January 2021, there was some forward movement in opportunities here, but we were still in a post-Covid world. When we look at the sector in the region you have this underserved audi- ence and enormous ambition,” he says, adding: “You look at Dubai and you have this extraordinary existing tourist and resident population both with spending power. A real appetite for “EMAAR IS A VERY FORWARD- THINKING COMPANY, THEY HAVE SEEN THE TRANSITION IN RETAIL” HyperSpace’s multibrand offering spans portals to digital immersive worlds to parks powered by tokens and digital assets COVER STORY | ALEXANDER HELLER Galaxy Interactive. This funding initiative, consisting of both equity and debt components, also includes significant contributions from Riyadh 16-30 NOVEMBER 2023 CEO MIDDLE EAST 21 House of Hype Riyadh treats visitors to virtually interact in a selection of futuristically designed rooms consuming our form of location-based entertainment.” The new round of funding will help open another venue in the US, with de- tails to be unveiled soon. An IPO could happen “someday in the future”, but right now Heller is focused on open- ing the biggest and best entertainment arenas anyone has seen in this sector. “This is the joy economy, large groups of people chasing more thrill, fun and adventure. Being in the enter- tainment business is a great sector to be in today. We really operate in this social media sphere. AYA just passed 1 billion user generated impressions on social media. We know that 65 percent of our consumers learn about AYA from user generated content. Our audi- ence is our largest marketing pool,” he explains. As for Dubai Mall, simply getting a space there is a massive achievement, never mind a massive space that could revolutionise the mall’s consumer ap- peal and widen its customer base. Most people visiting the AYA venue spend an average of just over an hour there. It means they are likely to move into the rest of the mall’s retail and F&B attractions after their HyperSpace experience. “I think Emaar is a very forward- thinking company, they have seen the transition in retail especially post- Covid, so this is an opportunity for us and hopefully for them as well,” he says. It’s been quite a journey for Hel- ler who founded HyperSpace after seven years working between creative/ arts arenas. He founded AM Fund in 2015, an investment vehicle focusing on art market arbitrage opportunities in the low to mid-market sector of the contemporary art and design markets. Simultaneously, he was the managing director of Leila Heller Dubai, one of the Middle East’s largest commercial arts venues. For HyperSpace, he teamed up space and the way people consume content. Social media consumers are the largest population on earth. When I looked into this in early 2019, I un- derstood the future of retail quite well and I saw an opportunity to bring in capital from our partners…There was never a moment when I thought this isn’t going to work, we knew the idea was just too good.” With 55 staff already on the pay- roll, $55m in funding raised, and the mega Riyadh and Dubai parks coming to life, few would argue with him. ALEXANDER HELLER | COVER STORY HyperSpace co-founders Rama Allen and Desi Gonzalez are helping to push the boundaries of new technology $55M The capital HyperSpace secured during its Series A financing round with industry experts Desi Gonzalez and Rama Allen as his co-founders – just as impressively, his entire core team pretty much decamped from New York to Dubai to get the business going. He says: “I’ve always been very interested in the commercial creative 22 CEO MIDDLE EAST 16-30 NOVEMBER 2023 combined average in the United Arab Emirates and Saudi Arabia is $8 million against a global average of $4.45 mil- lion. And that was before generative AI captured the imaginations of innovative minds. Let us make no mistake. Threat actors are innovative by habit. So, let’s take a dive into our seven cybersecurity trends — some good news for attackers, and some good news for defenders — for 2024. 1. AI on the march It’s everywhere, and apparently useful for more than just student assignments. But using AI as a virtual assistant to write code, for example, is already leading to more security vulnerabilities than when professional human cod- ers worked alone. Threat actors have noticed, and they are also going to use artificial intelligence to augment their campaigns. Think of AI as a cybernetic battle- suit that extends the capabilities, reach, and effectiveness of its wearer. We have already witnessed this suit at play in generating ransomware and malware, but we expect its deployment in other areas any day now — discov- ering vulnerabilities, for instance, or evading detection. And that is just weak (or “narrow”) AI. If strong AI — also known as artificial general intelligence (AGI) or artificial super intelligence (ASI) — emerges, we could see a single threat actor become general of an army of digital menaces. Additionally, beware of generative AI’s potential to create fake mate- rial, such as news, legal sources, and “official” announcements. Imagine the scope for new attack vectors built on such chicanery. 2. Dedicated apps face extinction Starting in 2024, AI may be used for trusted connections, leading to the gradual (or perhaps even rapid) obso- lescence and eventual decommissioning of banking, travel, and search apps. Bank statements, full travel itinerar- 7 CYBERSECURITY TRENDS FOR 2024 THAT WILL HELP YOU PREPARE YOUR DEFENCES The more proactive you are, the more likely you are to stay out of the headlines BY MOREY HABER, CHIEF SECURITY OFFICER AT BEYONDTRUST Technology trends. Haber discusses seven trends shaping society. TECHNOLOGY I f you are looking for forward- looking societies — citizens, governments, businesses — then the GCC has rich pickings. The dawn of a new year is a time to talk about new things, and what better venue than the Gulf, which has a fond- ness for new things all year round? So, let’s talk. Let’s take a look at seven technology trends. And in a region with an enviable average for net worth, let’s make our trends specific to cybersecurity. The threat actor has al- ways been drawn to this region. Paydays are that much greater. According to IBM’s 2023 Cost of a Breach report, the 16-30 NOVEMBER 2023 CEO MIDDLE EAST 23 TECHNOLOGY Virtual assistant. AI is leading to more cyber security vunerabilities. ies, and corporate reports could all be handed off to AI. Some applications may remain as trust-based connectors, but essentially, we would be entering a world of cyber-secure digital valets and valet services run by AI, with requests issued by voice command and results returned in richer and richer formats as technology evolves. 3. POTS and VoIP step aside to make room for UCS POTS (plain old telephone system) and even VoIP will give way to unified com- munication services (UCS) such as Zoom and Teams. Today, any two devices that are connected to the Internet can put their users in touch with one another. Soon, phone numbers themselves will be obsolete, replaced by email addresses and other digital aliases. Of course, with communications digitised, we must watch for vulnerabilities and their exploitation by threat actors. 4. Subscriptions everywhere The way we buy things has changed since the days of bartering livestock for cloth. From cash and credit cards to the dizzying modern world of crypto and mobile wallets, we have incorpo- rated each change and rapidly moved on to the next. But have you noticed that ownership has undergone a similar metamorphosis? In 2024, we can expect this to continue. From smart home technology to social media accounts, we will see vendors and providers renting out capabilities rather than selling one- off products and services. Subscrip- tions will be the central business model of a growing number of enterprises. But we should take care. Any con- tract gaps could lead to data losses. And when information on lapsed agree- ments is archived, this could lead to private information being stored in a less protected environment, leading subsequently to a data breach. Where such service gaps occur, it is critical that the customer requests their data to be deleted. phase of the campaign and decreases the chances of their discovery. 7. Standardisation of cyber insurance We have seen cyber insurance become more expensive and difficult to obtain of late, with insurance companies insisting on certain levels of security hygiene and sometimes even limiting coverage when drawing up policies. We see 2024 as the year these policies become standardised. As the field of cyber insurance has matured, we have seen new categories such as “Acts of War” spring up and gain acceptance among providers. As such, 2024 will see the emergence of a framework- based approach to cyber insurance, enabling insurance companies to standardise their services against all threats when it comes to reducing risk and liability. At arms Now you know what is coming over the hill, you can prepare your defenders. The more proactive you are, the more likely you are to stay out of the head- lines. You will identify risks more effi- ciently. You will suffer fewer breaches. You will incur less damage. Stay safe in the year ahead. 5. USB-C is good news for juice jackers USB-C has arrived. It’s easier to plug in and it’s faster — a lot faster. At 10Gbps, it is twice as fast as USB 3.0. We can expect standardisation on these connectors to follow. So, boons for compatibility and e-waste, but banes for cybersecurity professionals who have to consider the heightened potential for juice jacking (where data transfers, including malware, take place through media connections), since the time needed to steal data or plant malicious payloads is halved. Obviously, this threat extends to other vectors related to physical connec- tions. 6. Cybercrime consultancy services Rather than conducting full Ran- somOps campaigns in 2024, we will see threat actors do the initial scout- ing and sell what they find. If they discover a zero day, they might sell it to the highest bidder. Likewise, inside information on a specific business’s setup — misconfigurations, unpatched flaws, and other inroads — could be sold along with customised AI tools to those that run the attack. This isolates the original scout from the damaging 24 CEO MIDDLE EAST 16-30 NOVEMBER 2023 the significance of embedding sustain- ability principles into their operations to align with these ambitious targets. It isn’t about buzzwords, it’s about rock- solid contribution to a healthier, more equitable future for all. In business, our approach to envi- ronmental stewardship should and must be multifaceted, reflecting a staunch commitment to sustainable practices and climate action. We must invest wholeheartedly in climate solutions, recognising the urgency of addressing environmental challenges within our industries and beyond. In addition to internal efforts, busi- nesses must extend the opportunity for clients, partners and stakeholders to actively support environmental projects through seamless integration, aligning values with a collective commitment to ecological well-being. Here are a few key elements to achieving sustainability in your business. The role of teams Sustainability ultimately transcends the confines of specific departments or ex- ecutive teams; it necessitates collective commitment and engagement across all levels of the organisation. Every mem- ber of the agency plays a pivotal role in infusing sustainability into the business, and leaders can mobilise teams to wield a substantial influence on the success of environmental initiatives, aligning with the ambitious sustainability agendas of the region. Below I share some ideas on how to cultivate a sustainability culture within your team, setting your organisa- tion up to thrive in the long term. A collective vision When it comes to sustainability, fostering a shared vision within your business is key to success. Without the enthusiastic buy-in and wholehearted commitment from team members, the effective implementation and long-term success of your sustainability initiatives can be negatively impacted. Therefore, actively engaging your team in open and WHY YOUR TEAM IS KEY TO BUILDING SUSTAINABILITY INTO YOUR BUSINESS Sustainability ultimately transcends the confi nes of specifi c departments or executive teams; it necessitates collective commitment and engagement across all levels of the organisation BY SOPHIE SIMPSON, MANAGING DIRECTOR AND FOUNDER, ATTELINE Sustainable business. Simpson discusses how sustainability is a critical factor for long-term success. SUSTAINABILITY I n today’s rapidly changing business landscape, it is no secret that sustainability has emerged as a critical factor for long-term success. Nations like the UAE and Saudi Arabia, as exemplified by some of the core goals of UAE Net Zero 2050 and Saudi Arabia’s Vision 2023, are aiming to tower among the world’s most sustainable countries in the coming years and decades. These remarkable strides in sustainable de- velopment are seeing businesses across the Middle East increasingly realise 16-30 NOVEMBER 2023 CEO MIDDLE EAST 25 SUSTAINABILITY Education. Employees should learn to incorporate sustainability into everyday tasks. collaborative discussions regarding the overarching sustainability objectives and elucidating their specific roles in achieving these goals is not merely ben- eficial - it is essential. These dialogues cultivate a deeper sense of ownership among team members, igniting intrinsic motivation to contribute to the broader mission of sustainability. This sense of ownership, in turn, becomes the driving force behind the enduring success and impact of your sustainability endeav- ours. Diverse perspectives and ideas Actively engaging your team in sustain- ability initiatives yields a multitude of benefits, chief among them being the contribution of a rich blend of per- spectives and ideas. By involving team members from diverse backgrounds and various organisational roles, you unlock a treasure trove of unique insights and innovative approaches to address pressing concerns such as waste reduc- tion, resource optimisation, and the integration of eco-friendly practices. Emphasising and fostering a culture of open communication and idea-sharing among team members serves as the fertile ground where these creative concepts can flourish. Ultimately, this collaborative environment not only encourages but also propels the development of pragmatic and maybe even pioneering sustainability solu- tions, positioning your organisation as a forward-thinking leader in environ- mental stewardship. Increased employee engagement Cultivating a sense of purpose among employees can have profound effects on engagement and job satisfaction. Sustainability initiatives offer a unique avenue for employees to become part of projects that transcend routine tasks, possibly cultivating a higher sense of purpose and fulfilment within not only their professional lives but also their personal day-to-day. This heightened engagement often translates your team about sustainable practices and their positive impact on the envi- ronment and society. Building a strong foundation of knowledge, especially in a local context, can empower employees to incorporate sustainability into their daily work routines. Set clear sustainability goals Work with your team to set clear and achievable sustainability goals. These goals should be specific, measurable, attainable, relevant, and time-bound (SMART). Involving your team in goal-setting ensures that everyone un- derstands the targets and can actively contribute to achieving them. Employee-led initiatives Empower your employees to take the lead on sustainability projects. Encour- age them to propose and implement their sustainability ideas and potential new policies. Employee-led initiatives not only promote a sense of ownership but also tap into the creativity and pas- sion of your team members. Building a sustainable business structure hinges on strict commitment and effective leadership at the helm. As leaders we must embody sustain- ability values through our actions and decisions, serving as role models for our teams, who are more likely to embrace sustainable practices when they witness leaders actively engaging in them. Sustainability should be seam- lessly integrated into the organisation’s overarching business strategy, factoring in environmental and social impacts when making business decisions, alongside financial considerations. When sustainability is championed as a core value, it becomes an inherent part of the company’s identity, rather than a detached initiative. By involving the team, taking small steps, and adopt- ing a sustainable business structure, companies can make a positive impact on the environment and society while securing a competitive advantage in an increasingly conscious global market. into improved productivity, bolstered employee retention rates, and an overall elevation in workplace satisfac- tion. By embracing sustainability as a core value, organisations can not only advance environmental goals but also foster a sense of meaning and fulfilment among their workforce, leading to a more vibrant and successful workplace culture that has a purpose at its heart. Small steps for big impact: Getting your team involved in sustainability Engaging your team in sustainability does not necessarily mean implement- ing grandiose projects or making dras- tic changes. Often, small steps can lead to significant impact, especially when everyone in the organisation is commit- ted to making a difference. Consider implementing green office initiatives, such as reducing paper usage, promot- ing recycling, and encouraging the use of eco-friendly products. Celebrate sustainability successes and share pro- gress updates with the entire team to maintain momentum and enthusiasm. Education and awareness Start by raising awareness about sustainability and its importance for the organisation and the community. Conduct training sessions, workshops, or awareness campaigns to educate 26 CEO MIDDLE EAST 16-30 NOVEMBER 2023 he United Arab Emirates (UAE), the host of COP28 2023 is renowned for its astounding urban development pro- jects, where cities like Dubai and Abu Dhabi continuously push the bounda- ries of avant-gardism and innovation. However, this rapid urbanisation also presents challenges in terms of climate change and sustainability. To tackle this, it is important to rou- tine data-driven insights as a tool to promote climate solutions. In the recent years, climate change sustain- ability has become an imperative for the UAE on a scale within the realm of urban development. The president of UAE, Sheikh Muhamed states in his announcement earlier this year “2023 is the Year of Sustainability in the UAE. Effective climate action requires a shared vision and collective will. As host of COP28, we are com- mitted to fulfilling our role as a global convener and will continue to support action and innovation in the field of sustainability”. Cities significantly contribute to environmental concerns, and to navigate through this landscape, cit- ies worldwide are increasingly relying on data driven insights as a potent means to drive climate solutions. As the world’s population continues to increase, our cities are growing at an unprecedented rate. The United Nations estimates that by 2050, two-thirds of the global popula- tion will reside in urban areas. The World Urbanization Prospects of 2018 presents both opportunities and challenges. The concept of sustain- able urban development seeks to create cities that are environmentally responsible, economically viable, and socially inclusive. The key to achieving sustain- able cities lies in understanding and binding the influence of data. Cities are progressively collecting vast amounts of information on energy consumption, traffic patterns, waste BUILDING SMART CITIES AND UTILISING DATA ANALYTICS TO FOSTER URBAN CLIMATE SOLUTIONS Cities signifi cantly contribute to environmental concerns, and to navigate through this landscape, cities worldwide are increasingly relying on data driven insights as a potent means to drive climate solutions BY JADD ELLIOT DIB, CEO & FOUNDER, PANGAEA X Collective will. Dib discusses how rapid urbanisation presents challenges in terms of climate change and sustainability. T SUSTAINABILITY16-30 NOVEMBER 2023 CEO MIDDLE EAST 27 “2023 IS THE YEAR OF SUSTAINABILITY IN THE UAE. EFFECTIVE CLIMATE ACTION REQUIRES SHARED VISION. ” Sustainable cities. Sustainable urban developments seek to create cities that are environmentally responsible, economically viable and socially inclusive. management, water usage, and more. This wealth of data point enables city planners and policymakers to make educated decisions that reduce envi- ronmental impacts and enhance the quality of life for residents. Smart infrastructure is at the core of sustainable urban development. Data analytics allow cities to monitor and optimise energy consumption in buildings, thereby reducing carbon emissions. For example, smart grids ensure efficient electricity distribu- tion, while real-time data on a crucial role in enhancing transportation systems, reducing congestion, and promoting the use of public transport, which is vital for reducing greenhouse gas emissions. Efficient waste management is also a critical aspect of sustainabil- ity. Through data analysis, cities can monitor waste generation and col- lection routes, leading to a reduction in landfill waste and an increase in recycling rates. Sensor-equipped bins and smart waste collection vehicles improve garbage collection schedules, improving efficiency and reducing emissions. Sustainable cities consider the encounters of a fluctuating climate. Data-driven perceptions enable architects and urban planners to design climate-resilient buildings and landscapes. By analysing weather data and historical climate patterns, they can create structures that are more energy-efficient and equipped to withstand extreme weather events, such as heavy rains or heatwaves. Sustainable cities are also actively investing in renewable energy sources, such as solar and wind power. Data analytics play an important role in managing and optimising these resources. By monitoring weather conditions and energy production in real-time, cities can ensure a stable and efficient supply of clean energy while reducing their reliance on fossil fuels. While data-driven insights hold great promise for sustainable urban development, challenges do exist. These include data privacy and secu- rity concerns, the digital divide, and the need for skilled data profession- als. To address these confronts, cities worldwide are encouraged to invest in data infrastructure, fostering collabo- ration between the public and private sectors, and ensure that the benefits of data-driven sustainability initia- tives reach all residents, regardless of their socio-economic status. These cities are not just a vision anymore; they are a necessity in modern times. By tying data-driven insights, cities may be taking sig- nificant strides toward achieving the UAE 2023 sustainability goals. Data analytics is not only transforming urban planning and development but also setting a global example for how data can be a catalyst for positive change in the face of climate change. As we move forward, it is essential to continue innovating, collaboration, and investment in the field of data analytics to create a more viable and climate-resilient future for residents. SUSTAINABILITY Data drive. Date driven perceptions allow urban planners to design climate resilient landscapes.Next >